Stock indexes closed mostly lower on Wall Street on the final day of another record-setting year. The S&P 500 slipped 0.4% Tuesday, but still managed to rack up a gain of 23.3% for the year, its second straight year with gains of more than 20%. The last time it had back-to-back yearly gains that big was 1998. The Dow Jones Industrial Average slipped 0.1%, and the Nasdaq composite lost 0.9%. Big Tech stocks led this year’s rally, pushing the Nasdaq composite to a yearly gain of 28.6%. The Dow, which is far less weighted with tech, rose 12.9% for the year.
Value-seekers drove 2024’s retail trends and dead ends
Value was in vogue in 2024. Shoppers and restaurant patrons in the U.S. were choosy about where and how to spend their money as they wrestled with high housing and food prices. Well-heeled shoppers traded down to Walmart and Aldi. Diners opted for fast food or home cooking instead of sit-down restaurants. Department stores struggled as people shopped online or at less-expensive chains like H&M. The behavior shifts changed the buying and eating landscape. Consumer research company Coresight Research tracked 48 retail bankruptcies as of Dec. 20 compared with 25 last year. And at least 22 restaurant chains — including Red Lobster and TGI Fridays — filed for bankruptcy, the highest number since 2020.
In 2024, artificial intelligence was all about putting AI tools to work
Just over two years after the debut of ChatGPT, the world is getting a little savvier about what artificial intelligence technology can do for us and what it’s not so great at. The first 100 million or so people who experimented with ChatGPT upon its release two years ago actively sought out the chatbot, finding it amazingly helpful at some tasks or laughably mediocre at others. Now such generative AI technology is baked into an increasing number of technology services whether we’re looking for it or not — for instance, through the AI-generated answers in Google search results or new AI techniques in photo editing tools.
US and Boeing investigators examine the site of a deadly South Korean plane crash
SEOUL, South Korea (AP) — A team of U.S. investigators including representatives from Boeing have examined the site of a plane crash that killed 179 people in South Korea. Authorities meanwhile are conducting safety inspections on all Boeing 737-800 aircraft operated by the country’s airlines. All but two of the 181 people aboard the Boeing 737-800 operated by budget airline Jeju Air died in Sunday’s crash. The plane was seen having an engine trouble and preliminary examinations also say the pilots received a bird strike warning from the ground control center and issued a distress signal as well. But many experts say the landing gear issue was likely the main cause of the crash.
Small businesses brace themselves for potentially disruptive TikTok ban
A looming TikTok ban could affect the millions of small businesses that use the short-video social media app to grow their business. Though TikTok has been around only since 2016, small business owners are using the platform in a variety of ways, from growing a customer base to advertising and marketing, as well as selling goods directly from the site. The Justice Department ordered the app’s China-based parent company, ByteDance, to sell TikTok or face a U.S. ban by Jan. 19, citing security concerns. The Supreme Court will take up the matter in January.
US stock markets to remain closed in honor of Jimmy Carter on National Day of Mourning
NEW YORK (AP) — U.S. stock markets will close on Thursday of next week in honor of former President Jimmy Carter, continuing a long-held Wall Street tradition in mourning the nation’s leaders. Both the New York Stock Exchange and Nasdaq announced this week that they plan to close their equity and options markets on January 9 in observance of a National Day of Mourning for the 39th U.S. president and global humanitarian. Carter died on Sunday. He was 100 years old. The suspension of trading following the death of a U.S. president dates back years. According to the NYSE, for example, surviving records indicate that the first time the centuries-old exchange closed to honor a deceased president was likely in April 1865, following the assassination of President Abraham Lincoln.
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